declared Thursday it has agreed to sell its Russian small business to existing licensee, Alexander Govor.
In accordance to a press release from
(ticker: MCD), “Under this arrangement, Mr. Govor will obtain McDonald’s overall restaurant portfolio and work the dining places beneath a new brand.” Govor has served as a licensee for McDonald’s because 2015.
“The buyer has also agreed to fund the salaries of company employees who do the job in 45 regions of the country until eventually closing, as effectively as fund existing liabilities to suppliers, landlords and utilities,” in accordance to the press launch. Also, the sale and buy agreement provides workforce to be retained for at least two a long time on equivalent phrases.
This announcement comes a few times just after McDonald’s claimed it was pulling out of Russia, about 30 yrs right after entering the region.
“The humanitarian crisis brought about by the war in Ukraine, and the precipitating unpredictable running ecosystem, have led McDonald’s to conclude that ongoing ownership of the business enterprise in Russia is no for a longer period tenable, nor is it consistent with McDonald’s values,” McDonald’s reported on Monday.
The arrangement stays topic to particular disorders, which include regulatory acceptance. Closing is expected to occur in the coming months.
Shares of McDonald’s were being .8% lessen on Thursday to $229.17. The inventory has fallen 14.5% calendar year to day.
Create to Angela Palumbo at [email protected]